[Bitcoin-development] Feedback request: colored coins protocol

Flavien Charlon flavien.charlon at coinprism.com
Mon Apr 7 19:26:07 UTC 2014


An IOU written in a gold plate sure makes no sense. I see what you are
saying, the inconvenience comes from the fact that the buyer has to buy
some amount of BTC at the same time as he buys a share.

That's why I was making the point that you could have a colored coin
representing a single share, a different colored coin representing 10
shares, and another one representing 100 shares (like the different
denominations of dollar bills). Assuming you have a proper application
layer/UI that can hide this from the user, the need for padding is greatly
reduced. My opinion is that the protocol should do the minimum required and
remain as simple as possible. If a proper UI can work around this, then it
might not be worth complicating the protocol for this. Also, the dust rule
may disappear all together one day (it's already been slashed heavily to
540 satoshis), at which point we'll be left with a useless padding
parameter. It's easier to add something when you need it than to remove it.

But I am posting here to see how people feel about this, and I see you are
on the opinion that satoshi_value and color_value should have a degree of
freedom between each other. Thanks for the feedback.


On Mon, Apr 7, 2014 at 7:23 PM, Jorge Timón <jtimon at monetize.io> wrote:

> On 4/7/14, Flavien Charlon <flavien.charlon at coinprism.com> wrote:
> > Ok, I guess I'm not using the proper terminology. It would be listed on
> the
> > "Asset" section of the company's balance sheet, is what I meant.
>
> No, it's an asset for the owner of the share, not the company, just
> like the gold plates are not assets for the company when someone else
> holds them.
> What you're doing is getting less capital for the company due to the
> money that is going to pay the gold costs.
> Are you rising capital or selling gold?
> It doesn't make sense to do both at once.
> You need money, why would you spend money on gold before asking for
> other people's money to build your company?
> Investors will appreciate the convenience of being able to buy shares
> of your company and gold separately (or not buy gold at all).
>
> It may even be more clear for other use cases different than stocks.
> Does an IOU written in a gold plate make sense to you?
>
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